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Imperfect Financial Markets and Shareholder Incentives in Partial and General Equilibrium
Albagli, Elias - 2017
aggregation for corporate risk-taking and investment. Market imperfections cause controlling shareholders to invest too much in … shareholders' collective attempts to boost shareholder value of individual firms leads to a novel pecuniary externality that … excess leverage, agency conflicts between shareholders and managers, negative welfare effects of transparency, excess …
Persistent link: https://www.econbiz.de/10012955940
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Group-Based Voting in Multicandidate Elections
Bouton, Laurent - 2017
We study the properties of the group-based model of voting in elections with more than two candidates. We consider two of the most widely used electoral rules around the world: plurality and majority runoff. We fully characterize the set of equilibria under both rules and identify the features...
Persistent link: https://www.econbiz.de/10012946033
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Voting as a Rational Choice : Why and How People Vote to Improve the Well-Being of Others
Edlin, Aaron S. - 2010
For voters with quot;socialquot; preferences, the expected utility of voting is approximately independent of the size of the electorate, suggesting that rational voter turnouts can be substantial even in large elections. Less important elections are predicted to have lower turnout, but a...
Persistent link: https://www.econbiz.de/10012759742
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The Tiebout Hypothesis and Majority Rule : an Empirical Analysis
Epple, Dennis; Romer, Thomas; Sieg, Holger - 2021
The paper provides a comprehensive empirical analysis of majority rule and Tiebout sorting within a system of local jurisdictions. The idea behind the estimation procedure is to investigate whether observed levels of public expenditures satisfy necessary conditions implied by majority rule in a...
Persistent link: https://www.econbiz.de/10013218313
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Incumbent Behavior : Vote Seeking, Tax Setting and Yardstick Competition
Besley, Timothy J.; Case, Anne - 2022
This paper presents a theoretical and empirical investigation of tax competition when voters use the tax policy of neighboring jurisdictions as information to evaluate the performance of their incumbent politicians. We show that this has implications both for voter tolerance of high taxes and...
Persistent link: https://www.econbiz.de/10013292464
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Tariffs in an Economy with Incomplete Markets and Unemployment
Fernández, Raquel - 2011
This paper examines the optimal labor contract in a small open economy with incomplete markets under international price uncertainty. The effect on employment, wages, and profits of different realizations of the state of nature is studied and agents' preferences concerning the implementation of...
Persistent link: https://www.econbiz.de/10013124657
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Solving General Equilibrium Models with Incomplete Markets and Many Assets
Evans, Martin D.D. - 2011
This paper presents a new numerical method for solving general equilibrium models with many assets. The method can be applied to models where there are heterogeneous agents, time-varying investment opportunity sets, and incomplete markets. It also can be used to study models where the...
Persistent link: https://www.econbiz.de/10013125072
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Equilibrium Corporate Finance and Intermediation
Bisin, Alberto - 2014
conjectures. We show that competitive equilibria exist and that shareholders always unanimously support firms' choices. In …
Persistent link: https://www.econbiz.de/10013049698
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Incomplete Markets and Aggregate Demand
Werning, Iván - 2015
I study aggregate consumption dynamics under incomplete markets, focusing on the relationship between consumption and the path for interest rates. I first provide a general aggregation result under extreme illiquidity (no borrowing and no outside assets), deriving a generalized Euler relation...
Persistent link: https://www.econbiz.de/10013017512
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Producers and Predators
Grossman, Herschel I. - 2021
This paper explores a series of general-equilibrium models in which people can choose to be either producers or predators, and in which producers can allocate their resources either to production or to guarding their production against predators. The analysis shows how the ratio of predators to...
Persistent link: https://www.econbiz.de/10013235281